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Wait for a possible sell at 1.41310

Wait for a possible sell at 1.41310 | 29 March 2018

29 March 2018, GBP/USD

Wave Analysis:

During the previous trading day, the impulsive wave (a) extended slightly lower than expected and even went below the key line 1.41310-1.41210. We expect the level 1.4061 to have marked the end of the this impulsive wave (a), that the current bullish rally is the unfolding of the sub wave (b) to the upper side, but should not go beyond 1.41310 where we'll be looking to sell the impulsive wave (c) with a target at 1.39105. Ideally, the corrective three wave cycle is expected to continue as long as the price is below 1.41310.

Trade Recommendation:

Sell the impulsive wave (c) upon a rebound from 1.41310 with take profit at 1.39105.

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Bob Stan
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